Domicile and Tax Residency for Business Owners: Estate Planning Considerations, Tax Issues, Valuation, and More

Domicile and tax residency can complicate estate planning for business owners requiring attorneys and advisers to consider complex tax laws and available planning tools. Estate planners for those seeking to relocate to a more tax friendly state must take measures to minimize taxes so that the business interest doesn't create issues for the estate and beneficiaries.

Effective estate planning for business owners maximizes the value of their business, minimizes taxes, and provides for the continuity of business succession. This involves an in-depth understanding of planning methods, legal nuances, and related issues such as business valuation challenges, the use of buy-sell agreements and trusts, tax considerations in succession planning, lifetime transfers, and other priority items.

High-income taxpayers relocating to low or no income tax states with active business operations and employees in the state they have left creates several estate planning and tax issues. This requires attorneys and advisers to have an in-depth understanding of the challenges stemming from business interests in estate planning and administration and techniques to minimize income, estate, and gift taxes.

Listen as our experienced panel provides a complete analysis of domicile and tax planning for business owners and key elements for shifting domicile from one state to another to maximize overall tax benefits.

1. Domicile vs. tax residency
   1. Impact of domicile on business owners
   2. Residency rules and key issues
2. State regulatory challenges; new allocation and residency issues
3. Key planning considerations
4. Strategically relocating to minimize state taxes
5. Special tax considerations

The panel will review these and other key issues:

• How do domicile and tax residency rules impact estate planning?
• What are the critical considerations for domicile and estate planning for business owners?
• What are the critical elements for shifting domicile or residency from one state to another to minimize or avoid high taxes?
• What are the tax challenges and potential pitfalls to avoid?

Learning Objectives

After completing this course, you will be able to:

• Understand how domicile and tax residency rules impact estate planning
• Recognize critical tax considerations for domicile and estate planning for business owners
• Identify the key elements for shifting domicile or residency from one state to another to minimize or avoid high taxes

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).